The Shiba Inu (SHIB) remains the favorite cryptocurrency among Ethereum whales. Meanwhile, as Bitcoin lost $20,000, individual investors began collecting SHIB.
Shiba Inu (SHIB) investors follow low-volume altcoins
Despite the cheaper prices, the top 20 cryptocurrencies are still expensive for many investors. Instead of any other crypto, an investor can buy millions of Shiba Inu on exchanges with a reduced fee. Bloomberg analysts argue that Shiba is “the best bargain you can make” for a small-volume project. Eighteen decimals is far from ideal for an Ethereum-based token.
Shiba-themed “dog cryptos” and relatively lower value new tokens have exhibited interesting price action in the past bull. Buying a Shiba Inu costs an investor $0.0000079 at the time of writing, while a Dogecoin brings in less than a cent.
Experts say that individual investors generally like low value projects. At the same time, they argue that they dream of big returns. A possible jump from $0.1 to $1 means that your starting capital has increased exponentially. Interestingly, about $50 makes an investor millions of Shiba Inu. This makes the meme token a “penny crypto” for the community.
Halsey Minor, chairman of Public Mint, said:
You see in many of the memes like Dogecoin and Shiba, individual investors are pouring money because they look cheap. There is a psychological element here that in many cases people think that a Bitcoin is worth $65,000, but a Dogecoin is only $0.25.
40,000 new investors now hold Shiba Inu
ShibArmy, the community of Shiba Inu owners, is now bigger with the addition of 40,000 new investors. Recent data puts the number of SHIB investors at 1,181,649, 40,000 higher than the number at the end of April 2022. As the SHIB continues to be burned, that is, there is a decrease in the circulating supply. Thus, it aroused a bullish sentiment among investors. It also supports the demand for the meme coin. New ShibArmy members have purchased a sizable amount of Shiba Inu in the last drop.
ShibaSwap. Prize unlocked, investors show interest in this announcement
The Shiba Inu official Twitter handle announced the release of locked rewards in the archived section of ShibaSwap. ShibArmy can claim rewards with a single click of a button after going to the “Fow” page for the Archives. The Burn Portal Awards continues according to the official announcement.
Analysts spot bullish divergences on SHIB chart
Valdrin Tahiri, a crypto analyst, evaluated the Shiba Inu price trend. The analyst stated that SHIB has been falling continuously after reaching its high of $0.000008616 about a year ago. SHIB is currently 90% off ATH. Therefore, analysts see bullish divergences on the Shiba Inu chart.
Valdrin Tahiri, whose analysis we share as Kriptokoin.com, sees a significant bullish divergence in the daily RSI. To confirm the bullish divergence, the RSI needs to break above 37 (represented by the white line on the chart) between the two divergences. If Shiba Inu price breaks the short-term descending resistance line, it will continue to climb to $0.000017.
28189
